Yup, pretty much! The changes depend on what "type" of enemy you lost against and they all stack. It was mostly a fun game jam project to give me an excuse to design a bunch of monsters based on my friends ^^
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I wondered if they might be based on real folks. But, you say they stack? I only ever got one change from any of the enemy types, and afterwards they'd all apologize if I didn't complete the minigame, instead of doing a change. On my last playthrough, I got furry ears from a furry type, so I thought losing to the other two furries would give more furry changes, but it didn't, and none of the others did changes either